Endo (NSDQ:ENDP) said today that it plans to close its manufacturing and distribution plants in Huntsville, Alabama, slashing 875 jobs from its workforce.
The closing, which is slated to happen over the next 12 to 18 months, is due to declining volumes of commoditized products, according to Endo.
“Endo’s key priorities include building our product portfolio and technological capabilities for the future. Today’s announced action enables a redeployment of investment from commoditized products to more differentiated capabilities and products that represent our core areas of future growth,” president & CEO Paul Campanelli said in prepared remarks.
“I would like to recognize the efforts and hard work of those who have been impacted by this difficult decision and thank them for their valuable contributions to our company.”
The move to restructure its manufacturing network is exepcted to result in $325 million in pre-tax restructuring charges. The company anticipates it will see $55 million to $65 million in annual net run rate pre-tax cost savings by the fourth quarter of next year.
